Okla. Stat. tit. 62, § 62-695.9v1

issuance of obligations.

A. No State Governmental Entity or Local Governmental Entity

shall issue any State Governmental Entity Financing obligations

unless such obligations have been approved by the Council of Bond

Oversight as provided for in Section 695.8 of this title; provided,

however, that in no event shall the Council’s approval be required

for the issuance of any obligations pursuant to a remarketing or a

change in interest rate or maturity under the terms of indentures or

agreements securing obligations heretofore issued prior to July 1,

1987, or pursuant to the provisions of the Oklahoma Bond Oversight

and Reform Act. The provisions of this subsection shall apply to

any notes, bonds, revenue bonds, ratepayer-backed bonds, loans or

other appropriate form of evidence of indebtedness issued pursuant

to the February 2021 Unregulated Utility Consumer Protection Act and

the February 2021 Regulated Utility Consumer Protection Act.

B. 1. With respect to any State Governmental Entity Financing

proposed to be obtained through the issuance of its obligations, any

State Governmental Entity or Local Governmental Entity shall file

with the Council a written description of the nature, need and

purpose of such proposed financing. The Council shall review the

description of the proposed financing in order to either approve or

disapprove the purpose to be served by the issuance of the State

Governmental Entity obligations and for compliance with any

applicable provisions of federal, state or other laws.

2. With respect to bonds or indebtedness proposed to be issued

by the Oklahoma Development Finance Authority which will be enhanced

or supported pursuant to the Credit Enhancement Reserve Fund Act,

the Council shall review the description of such proposed financing

in accordance with paragraph 1 of this subsection and additionally

shall approve or disapprove the proposed financing on a

determination of sufficient compliance with the Rules Regarding the

Administration of the Credit Enhancement Reserve Fund as implemented

Oklahoma Statutes - Title 62. Public Finance Page 492

by the Oklahoma Development Finance Authority. Such determinations

by the Council shall be based on a written report prepared for and

provided to the Council by the Program Development and Credit Review

Committee as provided in Section 5062.6a of Title 74 of the Oklahoma

Statutes, provided the Council shall not be bound to follow the

conclusions reached by the committee in such reports. All orders

issued by the Council approving or disapproving bonds or

indebtedness enhanced or supported pursuant to the Credit

Enhancement Reserve Fund Act shall be final and shall not be subject

to any type of appeal.

3. Except as provided in paragraph 4 of this subsection,

approval provided for in paragraph 1 of this subsection shall expire

one hundred eighty (180) days after such approval. Provided, if

such approval expires, nothing shall prevent the State Governmental

Entity from refiling with the Council for approval of such financing

and, if granted, any one subsequent approval of such financing shall

be valid for a period, not to exceed one hundred eighty (180) days,

as determined by the Council.

4. Applicants having received approval, as provided for in

paragraph 1 of this subsection, may request and the Deputy Treasurer

for Debt Management may grant, at his or her discretion, a single

one-hundred-eighty-day extension. Any request for an extension must

be made at least five (5) business days prior to the expiration of

the original approval. Applicants failing to request an extension

in this manner may refile with the Council as provided for in

paragraph 3 of this subsection.

5. In the event there is a substantial change in the nature or

purpose of a proposed financing after approval by the Council, the

prior approval shall be void and the State Governmental Entity shall
ess days prior to the expiration of

the original approval. Applicants failing to request an extension

in this manner may refile with the Council as provided for in

paragraph 3 of this subsection.

5. In the event there is a substantial change in the nature or

purpose of a proposed financing after approval by the Council, the

prior approval shall be void and the State Governmental Entity shall

be required to seek approval from the Council in the manner provided

in paragraph 1 of this subsection.

C. Local Governmental Entities, within ten (10) days following

the date funds become available to the issuer from the sale of any

obligation, shall file with the Council a copy of the official

statement or notice of sale and any other information concerning the

proposed financing required by the Council.

D. Upon the request of a Local Governmental Entity, the Deputy

Treasurer for Debt Management may provide advice and assistance to

the Local Governmental Entity with respect to the issuance of

obligations. The State Treasurer may assess reasonable fees for

such services.